IPG Photonics price target raised to $92 from $85 at Stifel

Stifel raised the firm’s price target on IPG Photonics (IPGP) to $92 from $85 and keeps a Buy rating on the shares after the company reported Q3 results significantly exceeding expectations due to strong welding demand linked to EV and stationary storage battery production. Despite “tepid” fiscal Q4 guidance with revenue and EPS slightly below consensus, the variance is attributed to early-stage revenue ramps in diversified new product areas, which the firm views “positively,” the analyst tells investors.